Response of the Office of Mergers and Acquisitions
Division of Corporation Finance

Via Email

November 17, 2022

Kevin Greenslade
Hogan Lovells US LLP
kevin.greenslade@hoganlovells.com

Re: Partial Tender Offer for Tanla Platforms Limited
       Request for Exemptive relief from Exchange Act Rule 14e-1(a)

Dear Mr. Greenslade:

We are responding to your letter dated November 17, 2022, addressed to Ted Yu, Christina Chalk, and Michael Killoy.  To avoid having to recite or summarize the facts set forth in your letter, we attach the enclosed copy of your letter and the accompanying letter from Indian counsel.  Unless otherwise noted, capitalized terms in this response letter have the same meaning as in your letter dated November 17, 2022.

Based on the facts and representations in your letter, the Division of Corporation Finance, acting for the Commission pursuant to delegated authority, by separate order is granting an exemption from Exchange Act Rule 14e-1(a).  This exemption permits the Issuer Tender Offer to remain open for a fixed period of 10 working days (as defined in your letter), as mandated by Indian law.

In granting this exemptive relief, we rely on the representations set forth in your letter, as supplemented by the accompanying letter from Indian counsel, including but not limited to, the following:

• Indian law mandates that the Issuer Tender Offer be open to all shareholders on equal terms, including those in the United States, and requires a fixed offer period of 10 working days, which cannot be reduced or increased;
• based on the advice of Indian counsel, the Company does not believe it can obtain exemptive relief from these Indian legal requirements for this Issuer Tender Offer;
• shareholders received notice of, and information about, the Issuer Tender Offer and its terms before it commenced, as described in your letter;
• the Issuer Tender Offer is expected to be the subject of news coverage, including in the United States, as described in your letter;
• it is expected that (i) a period of 15 working days (15 U.S. business days and 21 calendar days) will elapse between the dispatch of the final Letter of Offer to shareholders and the expiration of the Issuer Tender Offer and (ii) a period of 51 working days (48 business days and 70 calendar days) will elapse between the date of the Company’s public announcement of the Issuer Tender Offer and its expiration;
• the Issuer Tender Offer is an offer for less than 2% of the outstanding Shares and is not a change in control transaction; and
• except for this exemptive relief, the Issuer Tender Offer will comply with all applicable U.S. federal securities laws.

The exemptive relief granted is based on the representations made to the Division in your letter.  Any different facts or conditions may require the Division to reach a different conclusion.  Further, this response does not express any legal conclusion on the questions presented or any views on any other questions that the transaction may raise.